A legal representative of Groupe Bernard Tapie (GBT), a French investment company, said that the company has come to an agreement with the Department of Justice (DoJ), which will speed up its acquisition of Full Tilt Poker.

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According to this agreement, the DoJ will refund US players although sources familiar with this issue have expressed their doubts about US poker players getting back their poker funds in spite of this arrangement.

According to an agreement signed by Jason Cowley, a Manhattan-based attorney, and Behnam Dayanim, the legal representative of GBT, the French investment company will purchase Full Tilt Poker for $80 million and will re-launch it as a new brand in Europe. The deal will also require the US government to return some of the funds it seized from Full Tilt Poker to GBT. A reliable source says that GBT would be spending only $40 million on Full Tilt Poker if the DoJ hands over the funds it had seized from certain FTP-associated bank accounts.

Now that GBT has come to an agreement with the DoJ, certain issues need to get finalized between Full Tilt Poker and GBT so that the deal can go through. The deal requires that the civil suit filed by the DoJ against Full Tilt Poker must be settled. GBT will then purchase Full Tilt Poker from the US government and the US government will use part of these funds to refund US poker players.

Raymond Bitar, the present chief executive officer of Full Tilt Poker, and Barry Boss, the legal representative of Full Tilt Poker, are happy about these arrangements because it means that ex Full Tilt Poker players will be paid back at the earliest.

According to the deal, GBT will have to refund players from the rest of the world and will not be able to offer online poker services in the US. The agreement will also permit the 23 shareholders of Full Tilt Poker to continue holding a share in the newly formed company; however, the shareholders named in the DoJ’s civil lawsuit, including Raymond Bitar, will not be allowed to hold a share in the company.

This September, the government of USA accused Full Tilt Poker of being a giant Ponzi scheme and that its owners and executive officers have cheated players of nearly $444 million. Full Tilt Poker attorneys lost no time in rubbishing these allegations, stating that Full Tilt Poker was just badly managed.

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